utility
16
5.7
- noun
- /juːˈtɪləti/
- Specialized
- The concept of utility helps economists understand how consumers make choices based on their satisfaction.
- maximize utility
- utility maximization
- expected utility
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Watch on YouTubeThat's what is known as ordinal utility, the sort of utility endorsed by the Austrians.
- That's what is known as ordinal utility, the sort of utility endorsed by the Austrians.
- Because overall, when rights are violated, there is a lowered utility across the board.
- Instead, they just transfer what we call a utility function.
- And the rational actor can determine value, which is utility over cost.
- In particular, there is no trading freedom for utility.
Examples
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In economics, the utility derived from a product often influences its price and demand.
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Consumers often weigh the utility of different brands before making a purchase decision.
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And by this I mean, not only, yes, it has great utility, it's more, what does that mean?
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One of the key features of this measure is its utility for assessing risk status.
Academic text (2015) -
Their study may be defended on the grounds of its utility for the individual or society.
Academic text (1990) -
Modeling connects math classes to authentic problems and demonstrates the utility of mathematical thought.
Academic text (2015) -
The desired level of electricity consumption, q*, maximizes utility subject to the budget constraint.
Academic text (1991)
Synonyms
∞
1.3
How much something is worth in money or how useful it is
149
1.5
A quality that makes something valuable or useful
Antonyms
Compounds
- Specialized
8
3.2
An organization that provides essential services like water or electricity and is regulated by the government
- Specialized
3
7.0
Extra enjoyment you get from one more item, like a slice of pizza
- Jargon
1
4.9
A team member who can play several positions well in sports like baseball
- Specialized
1
3.8
A computer tool that does system tasks like cleaning files or scanning for viruses
- Specialized
A company that supplies water, electricity, or gas and is run under government rules
- Specialized
A loan to build public services like water or electricity paid back from the money those services earn
- Specialized
Money a government or city borrows to pay for public services like water and electricity
How Satisfying
Surface Forms
Morphology
utility = use (opaque) = util + ity
The economics sense is a technical abstract measure (satisfaction/value) that is not transparently derivable from everyday 'use' by a B1 learner.
Etymology
In economics, utility means the satisfaction a person gets from something and it comes from utilis 'useful'. So economists use 'utility' to talk about how 'useful' or valuable a good or action is to someone.